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The recent mortgage rule changes will materially impact the economy, according to one leading economist

There’s a housing problem bubbling away that needs action from all levels of government, according to a new report.

The Federation of Canadian Municipalities says that a long-term decline in the provision of social housing now means that one in five renters pay more than half of their income on housing.

The study says that 850,000 lower-rent units have gone from the market and that the rental sector is ill-prepared for a downturn in the housing market.

As rents rise and high house prices make ownership hard even with lower mortgage rates the FCM is urging a multi-level government response to the problem.

It proposes that tax credits should be used to boost building of affordable homes and that Ottawa should commit to maintaining its current level of funding.

It also wants a permanent national strategy for tackling homelessness.

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